[How About This Book] Now Time Over Money... Instead of Showing Off Luxury, "I Tried This"

Time Becomes More Important Than Money
Economic Concepts Shift from Ownership to Experience
Appointments by the Minute and Half-Half-Half Leave Appear
Watching Content at Double Speed Is Standard
Too Precious to Spend Time on Gift Decisions
Browsing Friends' Saved Wishlists

The authors of Trend Korea identified the "Seconds Society" as the key keyword for 2024. This core concept encompasses 10 trend keywords predicting 2024, emphasizing that society has arrived at a point where time may be more important than money, surpassing the old notion of "time = money."

The book focuses on modern people's attitude toward "time," which demands high cost-effectiveness due to its limited nature. Generally, modern individuals are adept at multitasking. They flip through magazines while watching TV and simultaneously search on their smartphones. Although "ppal-ppal" (hurry-hurry) is known as a Korean cultural trait, it has intensified to the extent that people strive for simultaneous processing beyond sequential task handling. The authors analyze that the density and importance of time have significantly increased.

This phenomenon is observed throughout modern life. Many people use map apps to calculate the shortest route to their destination while also identifying the exact subway car location for quick transfers. Additionally, as "si-seong-bi" (time-performance efficiency) gains importance, "optimal price" is valued more than "lowest price." In the past, people spent time and effort searching for the cheapest price, but now they save that time and effort to invest in new experiences.

On social networking services (SNS), "time" has become a tool for showing off. Instead of flaunting luxury watches or expensive items, photos certifying visits to travel destinations or hot places have greatly increased. The authors diagnose that the economic paradigm is shifting from "ownership" to "experience."

As the density of time has increased, perceptions of time have become more precise. The so-called "Korean time," which used to tolerate a 30-minute delay, is now a thing of the past, and the scope of appointment times is gradually being compressed from "hours" to "minutes." In the past, the concept of time in agrarian society was divided into two-hour units such as Jasi (23:00?01:00), Chuksi (01:00?03:00), and Insi (03:00?05:00), but now it is divided by minutes. The widespread use of smartphones, which eliminated time differences, also influenced this change. The authors explain that companies introducing "half-day off," "quarter-day off," and even "eighth-day off" are increasing, illustrating that "units determine thinking," and time usage has become more detailed.

The changed concept of time has also altered content consumption patterns. Instead of enjoying movies or books at "normal speed," many people acquire them at "faster speeds" to use as conversation topics. Features like "x-speed" or "skip forward by xx seconds" are frequently used. According to an analysis of LG U+ IPTV users, 39% watch content faster than normal speed, and among them, 29% watch at speeds exceeding double speed.

While spoilers were once taboo, the number of people seeking spoilers has greatly increased. Although the variety of content choices has expanded through various online streaming services (OTT), the chance of failure has also increased as much as the chance of finding enjoyment. This has led to an obsession with securing definite enjoyment within limited time. Many people check the ending of content on platforms like YouTube before binge-watching (watching from the first episode to the last in order) verified enjoyable content.

In consumer life, "time" is also regarded as a major value. In the past, gift-giving was like a game where the giver's prediction and the receiver's expectation matched. Now, many people reduce wasted time by publicly sharing desired gifts on KakaoTalk "wish lists," achieving mutual goals. This lowers the failure rate caused by mismatched predictions and expectations and reduces the giver's time spent deciding what gift to give. A survey conducted in June 2022 by the University Tomorrow 20s Research Institute targeting 900 men and women aged 15 to 41 found that 56.7% of respondents check friends' wish lists when giving gifts.

This is also connected to "Ditto consumption," meaning "me too." Ditto consumption is a consumption pattern that follows verified paths to reduce failure risk. People choose trusted individuals, content, or distribution channels and "skip" the complicated processes and time needed for purchase decisions. The authors advise that this form of time consumption has led to service changes such as delivery apps and public transportation arrival time notifications, containing many business opportunities.

Furthermore, the authors emphasize to general readers not to forget the "importance of blank space." Living busily can give a satisfying feeling of having lived diligently, but conversely, it can overlook "depth." They warn, "We must always remember what we are losing behind the benefits of the fast pace in the Seconds Society."

While not entirely new, the interpretations enriched with various cases and analyses provide clear insights necessary for modern people living in the Seconds Society.

Trend Korea 2024 | Kim Nando et al. | Mirae N | 416 pages | 19,000 KRW

This content was produced with the assistance of AI translation services.